John Whittaker, the billionaire owner of Peel Group, is trying to orchestrate a multibillion-pound deal to take Intu Properties private, only months after the shopping centre owner’s proposed merger with Hammerson failed.
In a move that could trigger an auction for the struggling Intu, which owns the most valuable collection of shopping centres in Britain, Peel Group confirmed that it had formed a consortium for a potential bid with Olayan Group, a Saudi conglomerate, and Brookfield, a Canadian private equity group.
The potential deal comes six months after the proposed £3.4bn all-share merger between Intu and Hammerson, a rival property company, collapsed. The tie-up failed after Hammerson rebuffed an approach from Klépierre, of France, sparking a revolt from shareholders over its plan to merge with Intu.
The Telegraph added that The consortium confirmed it was eyeing a deal on Thursday, saying its plans were at a “preliminary and exploratory stage” and that it had not yet approached Intu’s board with an offer. It now has until 1 November to make a firm offer under takeover rules.
Click here for the full Times article (£)
